The global ascorbic acid market accounted for USD 860.8 million in 2016
and is expected to reach USD 1093.1 million by 2022, registering a CAGR
of 4.9% during 2017-2022 (the forecast period).

Ascorbic acid, with its salt derivatives, and ascorbyl palmitate are
classified as food additives by the European Community and registered as
Generally Recognized as Safe’ (GRAS) substance by the US Food & Drug
Administration (FDA), which has accelerated the demand for ascorbic acid
from food & beverages industry in the European region.

The global ascorbic acid market is expected to witness a high growth
rate in the coming decade, owing to vitamin deficiency concerns caused
due to changing lifestyles and dietary habits, around the world.
Asia-Pacific is expected to be the fastest growing market for ascorbic
acid, during 2017-2022 (the forecast period), due to the growing demand
and the availability of low-cost manufacturing facilities in China.

The North American and European markets are set to grow due to the
rising health issues like diabetes, which, in turn, is fueling the
demand for ascorbic acid as a substitute for low-calorie sweetener.